XRP Price Prediction – Rally To $0.55 On The Cards As Dips Turns Attractive

2023-10-20 05:15:10

XRP price is gaining pace above the $0.50 resistance against the US Dollar. The SEC’s case against Ripple’s utives was dropped, sparking bullish moves.

The price started a strong increase above the $0.50 resistance.
The price is now trading above $0.505 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.4885 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might correct lower, but the bulls could remain active near $0.50.

XRP Price Jumps 10%

After forming a base above the $0.480 level, XRP started a fresh increase. Recently, the SEC dropped its case against Ripple’s utives. It sparked a sharp increase in XRP above the $0.50 resistance.

There was a break above a major bearish trend line with resistance near $0.4885 on the 4-hour chart of the XRP/USD pair. The pair even broke the 50% Fib retracement level of the key decline from the $0.5510 swing high to the $0.4730 low.

XRP price is now trading above $0.505 and the 100 simple moving average (4 hours). It is also helping Bitcoin, Ethereum, Solana, and other cryptocurrencies in moving higher.

On the upside, immediate resistance is near the $0.524 level or the 61.8% Fib retracement level of the key decline from the $0.5510 swing high to the $0.4730 low. The first major resistance is near the $0.532 level. A close above the $0.532 level could send the price toward the $0.550 resistance.

Source: XRPUSD on TradingView.com

If the bulls remain in action above the $0.550 resistance level, there could be a drift toward the $0.565 resistance. Any more gains might send XRP toward the $0.585 resistance.

Are Dips Limited?

If XRP fails to clear the $0.524 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.512 zone.

The next major support is at $0.505. If there is a downside break and a close below the $0.505 level, the price might accelerate lower. In the stated case, the price could retest the $0.4850 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.512, $0.505, and $0.485.

Major Resistance Levels – $0.524, $0.532, and $0.550.

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